FİNANSAL STRESİN MUHASEBE VERİLERİNİN DEĞER İLİŞKİSİNE ETKİSİ.

Our study analyses the impact of financial stress measured by Ohlson's O-Score on the value relevance of earnings and book value of equity by employing a sample of listed firms on Borsa Istanbul between 2009 and 2018. Outcomes obtained by using a modified Price Model reveal that the valuation effectiveness of earnings decreases while that of book value of equity remains unchanged as financial stress decreases. In other words, the value relevance of earnings is moderated or negatively influenced as financial stress decreases and the value relevance of book value of equity is independent of financial stress. The former confirms the expectation of the decreased role of the income statement in valuation as financial stress decreases. The latter indicates that book value of equity does not serve a proxy for liquidation and it is interpreted as the inability of book value of equity to measure the net value of resources. [ABSTRACT FROM AUTHOR]